UK Borrowing Hits Record in 3 Months

British government borrowing rose to a record of 127.9 billion pounds ($ 162 billion) in the first three months of the fiscal year 21/2120, more than twice the entire year previously, with strict Coved 19 closures.

Borrowing in June, excluding state-owned banks, reached 35.5 billion pounds, five times higher than a year ago, however less than economists’ expectations of 41.5 billion pounds, a Reuters poll showed.

Public sector net debt, with the exception of state-owned banks, remained slightly below 100% of GDP, Public sector net debt now stands at 1.984 trillion pounds or 99.6% of GDP.

Britain’s government has announced extra spending and tax cuts worth around 192 billion pounds for this financial year, and last week its Office for Budget Responsibility estimated borrowing would hit 322 billion pounds or just over 16% of GDP, the highest since World War Two.